AI can be an ally but never replace human touch, says Mona Kattan
DUBAI: Embrace artificial intelligence, but do not fear it, said Mona Kattan, CEO of Kayali Perfumes, at the Arab Media Summit in Dubai on Wednesday.
Kattan said resisting change in the industry would only hurt entrepreneurs, and they should learn to adapt.
'People are often scared and they don't understand that it can be a mutual existence. When e-commerce came about people thought malls would all shut down but malls are still around and people still love to go to them,' she explained.
'I love people, one of my core values is connection. I love bringing people together, we are so blessed to live in a world that has the ability to connect online,' she added.
'Social media will never go away, it's part of our nature now, embrace it, cultivate it and appreciate it,' she said.
Kattan said she was passionate about social media before it became popular.
'When I moved to Dubai from the US in 2002, my mindset became global even prior to social media. Dubai is the melting pot of cultures and the future. I am so inspired by the people I meet,' she said.
After launching her fragrance brand Kayali in 2018, Kattan was able to enter global markets and her brand is now sold in most of the major beauty stores in the world and is known for its luxurious and rich scents.
'Whenever you are passionate about what you are doing, that obsession is natural and you don't have to force it,' she said.
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Arab News
7 hours ago
- Arab News
Mining, entertainment sectors eye 100bn in investments by 2030
RIYADH: Saudi Arabia is steadily progressing in its journey to attract $100 billion in foreign direct investments by the end of this decade, with the Kingdom heavily focusing on securing funds in high-growth sectors, experts have said. Saudi Arabia's Vision 2030 economic diversification program aims to transform its economic landscape, including attracting foreign direct investment and increasing FDI's contribution to the Kingdom's gross domestic product. To facilitate and increase FDI, in August Saudi Arabia approved an updated investment law, aimed at boosting transparency and easing the process of investing in the Kingdom. Speaking to Arab News, Emilio El-Asmar, partner at Oliver Wyman's Government and Public Institutions practice – India, Middle East and Africa, said that the mining sector is one of the most promising industries that will help the Kingdom achieve its FDI goals by 2030. He also pointed out that the ongoing regulatory reforms happening in Saudi Arabia are making the Kingdom an attractive destination for foreign investments. 'Saudi Arabia's National Investment Strategy, central to Vision 2030, aims to transform the Kingdom into a globally competitive, innovation-driven economy,' said El-Asmar. Saudi Arabia offers geopolitical neutrality, long-term offtake potential, and value-add opportunities. Emilio El-Asmar, partner at Oliver Wyman's Government and Public Institutions practice – India, Middle East and Africa He added: 'Mining and metals are among the most promising areas, as the Kingdom has $2.5 trillion worth of untapped resources, including gold, copper, lithium, and rare earth elements, which are vital to energy transition and global industry. Regulatory reforms and integrated industrial zones are opening this frontier market to international investment.' The comments from the Oliver Wyman official come after Saudi Arabia launched a new incentive package to attract foreign direct investments into the nation's mining sector. The Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry, the Saudi Press Agency reported in March. Ryan Alnesayan, partner at Arthur D. Little in the Middle East region, also echoed similar views and said that the mining sector could become a game changer in Saudi Arabia's economic diversification journey. 'The new mining law and exploration incentives are attracting serious interest, and the Kingdom is positioning itself as a global mining hub with reliable data, infrastructure, and long-term demand,' said Alnesayan. El-Asmar further said that Saudi Arabia's Ras Al-Khair and Wa'ad Al Shamal offer integrated infrastructure, rail and port access, and proximity to downstream processing, making them investment-friendly destinations for international entities. 'These ecosystems support refining, smelting, and metal fabrication. A pipeline of investable projects, from exploration to processing, is backed by national institutions including the Public Investment Fund and industrial champions,' said the Oliver Wyman official. Global players are investing in everything from gaming and digital media to smart cities and AI. Ryan Alnesayan, partner at Arthur D. Little in the Middle East region He added: 'As global supply chains seek secure mineral sources, Saudi Arabia offers geopolitical neutrality, long-term offtake potential, and value-add opportunities. Its location between Africa, Asia, and Europe gives investors access to regional growth markets.' In January, speaking at the Future Minerals Forum, Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef said the nation seeks to promote exploration opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the Kingdom's broader plans to establish mining as the third pillar of its industrial economy. In May, a report released by the General Authority for Statistics revealed that net FDI into Saudi Arabia stood at SR22.1 billion ($5.89 billion) in the fourth quarter of 2024, representing a rise of 26 percent compared to the previous three months. GASTAT also added that this figure was the highest level across the year, surpassing the SR15.5 billion seen in the first three months of 2024, the SR19 billion recorded in the second quarter, and the SR17.5 billion witnessed in the third. This development comes after Saudi Arabia rose to 13th place in Kearney's 2025 Foreign Direct Investment Confidence Index, published in April. This is up one spot from last year and also means the Kingdom retained its position as the third-most attractive emerging market, signaling continued global confidence in its transformation strategy. Kearney added that the ranking reflects the nation's bold, reform-driven approach to building an internationally competitive, future-ready economy. Other crucial sectors El-Asmar also outlined other crucial areas that could drive FDI into Saudi Arabia in the coming years. According to the Oliver Wyman official, sectors including pharmaceuticals, biotechnology and petrochemicals are also expected to see foreign funds pour into the Kingdom. He added: 'In petrochemicals, Saudi Arabia is expanding beyond crude oil into speciality chemicals, high-performance plastics, and packaging, backed by integrated feedstock and logistics infrastructure.' El-Asmar said that Saudi Arabia is ranked second among G20 countries in digital competitiveness, and the Kingdom has strong infrastructure, forward-looking regulations, and digital competitiveness capable of drawing FDI in AI, cloud, cybersecurity, smart city tech, fintech, and health tech. 'Incentives include regulatory sandboxes, IP protections, and access to a growing consumer and enterprise market, making the Kingdom attractive for global tech firms and startups,' said El-Asmar. Alnesayan also highlighted the role of technology and entertainment sectors in materialising Saudi Arabia's FDI goals. 'Entertainment and tech reflect Saudi Arabia's new growth story. Global players are investing in everything from gaming and digital media to smart cities and AI. These sectors are fueling job creation, innovation, and a dynamic consumer market,' said the Arthur D. Little official. El-Asmar agreed that the entertainment sector is central to Saudi Arabia's diversification and FDI strategy, reflecting cultural openness and rising domestic demand. 'With a population of 35 million and rising demand for premium experiences, the Kingdom is seeing growth in cinemas, theme parks, live events, and content production. Major international brands are entering the market, supported by co-investment and giga-projects like Qiddiya,' he said. RHQ program and FDI Alnesayan believes that Saudi Arabia's regional headquarters program is emerging as one of the key drivers of FDI in the Kingdom. 'The RHQ Program is not just about relocating offices — it's about anchoring decision-making in Riyadh. That brings investment, talent, and deeper regional integration. We've already seen over 600 companies commit, and the momentum is accelerating,' he said. Saudi Arabia's regional headquarters program offers incentives such as a 30-year corporate income tax exemption, withholding tax immunity, and various support services for international businesses. Some of the noted firms that relocated their headquarters to the Kingdom are Northern Trust, Bechtel and Pepsico from the US, and IHG Hotels and Resorts, PwC, and Deloitte from the UK. El-Asmar also highlighted the importance of the RHQ program and said that Saudi Arabia's location — at the crossroads of Europe, Asia, and Africa — makes it an ideal base for regional operations. Potential challenges Despite all these positive developments, experts also outlined some of the challenges Saudi Arabia could face in achieving its FDI targets within the stipulated timeline. 'The fundamentals are strong, but challenges remain — global volatility, talent gaps, and the need for ongoing regulatory clarity. But the Kingdom is addressing these head-on through reforms, infrastructure investment, and strategic partnerships that reduce risk and increase investor confidence,' said Alnesayan. El-Asmar said that foreign investors need predictability, and to address this, Saudi Arabia has launched the Investor Confidence Protection Mechanism and Investor Council, alongside legal reforms including English-language documentation and digital licensing portals. 'High operational costs and complex procedures persist in some sectors. Special Economic Zones, tax incentives, and digital services are helping to reduce these barriers and simplify market entry,' said El-Asmar. He concluded: 'While these challenges are real, Saudi Arabia's strategic reforms, long-term vision, and favorable location continue to make it one of the world's most promising emerging FDI destinations.'
Arab News
7 hours ago
- Arab News
Will the lifting of sanctions usher in a new beginning for the Syrian people?
LONDON: When news broke that Western sanctions on Syria would be lifted, Marwah Morhly finally allowed herself to imagine something she had not dared to in years: a stable life in her hometown of Damascus. A Syrian writer and editor now living in Turkiye, Morhly once navigated a precarious existence back home — trying to earn a remote income in a country cut off from global banking systems and mired in uncertainty. Returning to Damascus always felt like a distant dream — too risky and too complicated. But with sanctions easing, that dream is beginning to look attainable. 'It's a different kind of freedom — the freedom to dream,' she told Arab News. 'As someone who works remotely, the lifting of sanctions lets me imagine a future where I can work from my home in Damascus, receive my salary through a bank transfer directly to my account there, without any form of danger or exploitation.' Under sanctions, she said, Syrians working with foreign clients had to operate in secrecy. 'We were working in the shadows … like ghosts,' she said. 'We weren't allowed to be visible, like unknown soldiers, because the moment it became clear (to employers abroad) that the work was happening inside Syria, it could jeopardize our livelihoods.' The breakthrough came on May 13, when US President Donald Trump, during a visit to Riyadh, announced the lifting of sanctions on Syria. He framed the move as a historic opportunity for economic recovery and political stabilization. Ten days later, the US Treasury Department issued General License 25, authorizing transactions with Syria's new transitional government, led by President Ahmad Al-Sharaa. In parallel, the State Department suspended the Caesar Act sanctions for 180 days, signaling a pivot toward reconstruction and humanitarian relief. The EU soon followed suit, announcing the end of its own economic sanctions in a coordinated effort to support a nation fractured by more than a decade of civil war. On Saturday, Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al-Saud announced from Damascus a joint effort with Qatar to fund salary support for Syria's state employees. The move built on the two countries' decision earlier in May to pay off the $15.5 million debt Syria owed to the International Development Association, a World Bank fund that provides zero- or low-interest loans and grants to the world's poorest countries. This policy shift did not happen in a vacuum. Ibrahim Al-Assil, a senior fellow at the Middle East Institute, said years of grassroots advocacy were pivotal. 'Of course, the Saudi role was huge, and many Syrians appreciate that, and same for the Turkish role,' Al-Assil told CNN. 'But also, many Syrians have been working on that — from students to academics to activists to business leaders and journalists writing and talking about this and pushing more and more towards lifting sanctions.' The impact of these efforts goes beyond international politics. 'Why? Because it allows Syrians to breathe again,' he said, adding that sanctions are often viewed only on a macro level as something that affects an entire country. In reality, they have a serious impact on daily life. 'We forget that they affect the lives of the individuals on the tiny details — from medicine to connectivity and being able to check their email normally … also to what industries they can have, where they can travel, what kind of machines they can buy for their factories.' For ordinary Syrians, these limitations posed immense challenges. Now, Al-Assil said, the situation is changing. 'It's still challenging, but the major obstacle seems to have been moved out of the way for Syrians, allowing them to move ahead and rebuild their country.' Beyond basic needs, the lifting of sanctions opens new possibilities for professionals still living in Syria — many of whom have endured years of isolation, limited access to technology, and restricted earning potential. Salma Saleh, a graphic designer based in Damascus, says she has spent 13 years building her career under the weight of sanctions, along with the years before that dedicated to her education. 'The challenges have been endless,' she told Arab News. 'We struggled to access most technologies and tools. Often, we had to use workarounds just to get hold of banned software or platforms.' Freelancing is no easier. 'Syrians are blocked from PayPal and most global payment platforms used by freelancing platforms,' she said. 'Even sites essential for our work like Shutterstock, Freepik, and Envato are inaccessible. We can't even purchase courses on Coursera or Udemy, nor the software we work with, such as Adobe programs. 'We can't promote our work on social media platforms due to the ban on paid advertisements in Syria. Clients are afraid to work with Syrian freelancers because of the difficulty with payment methods and fears of being accused of funding terrorism.' Electricity outages posed further challenges. 'My heart nearly stopped every time the power cut while I was rendering a video on my laptop,' said Saleh. 'It happened so many times we eventually got used to it. Syrian designers have become the most resilient professionals out there.' Syria's electricity sector has all but collapsed owing to infrastructure damage, fuel shortages, and economic sanctions. Once relatively stable, the system now delivers just a few hours of electricity per day. In some areas, that is as little as 30 minutes. 'We had to jump through hoops just to keep up with the rest of the world,' said Saleh. 'We gave it everything. I consider the Syrian designer a super designer — and rightfully so.' For Syrians across the diaspora, the developments mark a fragile but significant turning point. Cautious optimism is beginning to take root — even as the country remains divided and the road to recovery is long. Lama Beddawi, a Syrian-American DevOps environment analyst based in the US, echoed that sentiment. 'The recent decision to lift sanctions on Syria marks a pivotal turning point, and I am hopeful that it signals a move in the right direction,' she told Arab News. 'This development brings a sense of optimism that the country's long-strained economy may begin to recover, opening the door for increased stability and renewed international investment,' she said. 'With fewer restrictions, Syria has the potential to rebuild its infrastructure, strengthen its institutions, and create opportunities for its people, paving the way for a more sustainable and prosperous future.' Still, the benefits remain largely theoretical for now. On the ground, daily challenges persist, and progress will take time. 'Everyone understands this isn't a magic fix — the effects will take time to show,' said Morhly. 'As one man from central Damascus put it: 'For now, we'll take a hit from the dollar rate, but in a couple of months, more people will actually be able to afford meat again.'' There is also cautious optimism that basic services might begin to improve. 'There's hope the electricity situation might improve — which is the second biggest concern after water, especially with summer approaching and the heat already setting in,' she added. From an economic perspective, the lifting of sanctions presents both opportunities and challenges. Mohamed Ghazal, managing director of Startup Syria, a community-led initiative supporting Syrian entrepreneurs, believes translating sanctions relief into concrete gains such as jobs, investment, and basic services 'will be a complex and gradual process.' He remains optimistic about certain sectors. 'Quicker gains are possible in transport and trade,' Ghazal told Arab News. However, critical areas like general business development and startups are experiencing slower momentum. 'Lifting sanctions can take months,' said Ghazal. 'Capital flow issues persist due to a crippled banking system. 'Syria's banks lack access to SWIFT (Society for Worldwide Interbank Financial Telecommunication), suffer low liquidity, and operate under opaque regulations. 'Attracting foreign capital requires a modern investment law, clear property rights, business licensing frameworks, and financial repatriation mechanisms. 'The speed of progress depends on comprehensive reforms, institutional rebuilding, international investment, and continued humanitarian support. 'The lifting of sanctions is expected to open up channels like new funding, banking, or investment channels for Syrian startups.' Diaspora and foreign investors could offer the capital injection needed to get the economy off its knees. There are 'positive signs from the Syrian diaspora and potential foreign direct investment, especially from GCC countries and Turkiye,' said Ghazal. 'Interest from impact investors seeking financial returns and social and environmental impact.' He identified several immediate priorities for revitalizing the economy, including restoring access to SWIFT, enacting a modern investment law with clear legal protections, and easing import restrictions on essential technology to enable the use of software, cloud services, and digital tools. The SWIFT system is a global messaging network that enables financial institutions to exchange transaction details — like money transfer instructions — quickly, securely, and accurately across borders. Before Lebanon's 2019 financial collapse, many Syrians used its banking system to bypass sanctions, parking billions in assets and accessing US dollars and trade channels. When the system froze, transfers stopped, savings were locked, and Syrians lost access to critical funds. The Syrian pound then collapsed, inflation surged, and the economy worsened. While some estimates once placed Syrian deposits as high as $40 billion, remaining deposits in 2025 were estimated at just $3 to $4 billion, according to the Karam Shaar Advisory consultancy. Some experts believe sanctions relief could signal a path forward. Ghassan Ibrahim, a London-based Syria analyst and founder of the Global Arab Network, believes sanctions relief could unlock trade and investment. 'Lifting Western sanctions removes long-standing barriers to Syria joining the global market,' he told Arab News. 'It restores credibility and sends a message that Syria is on the right path.' Investor interest is already growing. 'Next week, a few American investors are heading to Damascus. We're also seeing engagement from GCC countries and Chinese firms already operating there. 'Any relief, especially from the US, will help get Syria back on track. It boosts the government's legitimacy and strengthens its diplomatic hand.' The broader economic and political impact cannot be understated. 'President Al-Sharaa will be able to travel more freely, engage in diplomacy, and attract serious development partnerships,' said Ibrahim. 'That's critical for reconstruction. 'Ultimately, this shift could improve quality of life, create jobs, and drive long-term growth.' Still, Syria's path to recovery remains long. Nearly six months after the fall of Bashar Assad, the country is still plagued by deep sectarian divisions, persistent violence, and political fragmentation. In March 2025 alone, more than 1,100 people were killed in attacks targeting the Alawite minority following coordinated assaults on government forces. Survivors remain fearful of further violence, and many perpetrators have not been brought to justice. Foreign threats compound internal instability. Israel has launched multiple airstrikes, including one near the presidential palace, citing threats to the Druze minority. Syria's new leadership condemned the attacks, highlighting the fragility of foreign relations. Internally, law and order remains weak. Women and minorities still face abuse, rights protections are unevenly enforced, and extremist groups continue to assert control in some regions, several news agencies have reported. The humanitarian crisis also endures. Around 16.7 million Syrians rely on aid, while millions remain displaced. Israel maintains a military presence, and Turkiye has voiced opposition to any settlement between Damascus and Kurdish factions — complicating efforts toward national unity. Though US, EU, and UK sanctions relief is meant to support Syria's transition, the UN warns of 'real dangers of renewed conflict.' Meanwhile, the interim government faces the daunting task of rebuilding a country where 90 percent of the population lives in poverty and millions remain displaced. The door may be open, but walking through it will require more than hope. It will take time, trust, and tangible change.
Arab News
7 hours ago
- Arab News
MENA startups accelerate with strategic deals
RIYADH: Startups across the Middle East and North Africa continued to attract capital, pursue strategic acquisitions, and expand regional footprints this week, underscoring the growing momentum in the region's innovation ecosystem. From early-stage funding rounds to regulatory milestones, founders and investors are positioning for scale amid a competitive and rapidly evolving market landscape. On the acquisition front, UAE-based Tech Universal Ventures has taken over the majority share of FixSquad, an Emirati mobile and electronics servicing brand, and ELVA11, a Swedish AI and software consultancy, as part of its strategy to build a global network of digital infrastructure companies. FixSquad operates across the Gulf Cooperation Council region with a hybrid consumer-enterprise model and is introducing a regional franchise framework, while ELVA11 offers software development, AI consulting, and digital education services from its offices in Malmo and Stockholm. 'These acquisitions reflect our strategy to build and back companies delivering core infrastructure for digital growth,' said Darko Atijas, chief operating officer at TUV. Fintech startup Stitch raises $10m seed round Riyadh-based Stitch has secured $10 million in a seed round led by Arbor Ventures, COTU Ventures, Raed Ventures, and Saudi Venture Capital, with additional support from family offices and angel investors. Founded in 2022, the company offers an API-driven platform that allows financial institutions to build and deploy digital solutions more efficiently than legacy infrastructure. 'At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market,' said Mohamed Oueida, founder and CEO of Stitch. Qashio secures $19.8m to expand into KSA UAE-based spend management platform Qashio has raised $19.8 million in equity and non-equity funding. The round was led by Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices. Founded in 2021, Qashio plans to enter the Saudi market and enhance its B2B loyalty program across MENA. Qashio previously raised $10 million in a seed round in 2022. BirdEye raises $586k pre-seed Saudi startup BirdEye has closed a $586,000 pre-seed funding round led by a private tech-focused fund. Founded in November by Abdullah bin Omairah and Abdulrahman Al-Hassan, BirdEye offers an operations management platform tailored for small and medium-sized retailers undergoing digital transformation. The investment will support the company's national expansion and team growth. Gainz closes 7-figure pre-seed round UAE-based Gainz has raised a 7-figure US dollar pre-seed round in a mix of equity and debt led by Antler MENAP, Lithium Holdings, and Eleventh Invest Inc. Founded in December, Gainz offers a Shariah-compliant crowdfunding platform that allows individuals to invest in vetted SMEs. The platform leverages AI to democratize access to working capital for businesses across the region. The new funding will go toward scaling operations and product innovation. COREangels MEA launches $10m fund COREangels MEA, in partnership with PTS Holdings and the Arab Academy, has launched a $10 million investment fund focused on early-stage fintech startups aligned with the UN Sustainable Development Goals. During its 5th Investment Committee in Cairo, five startups — eMaisha Pay, RentBeta, Aqua Offers, Monak, and Reeple — were selected to receive up to $150,000 each. The fund employs a hybrid model combining global angel networks with local innovation expertise. Toolmart raises seed funding Iraq-based B2B e-commerce startup Toolmart has secured seed funding from Plus VC, Oasis500, and other angel investors. Founded in 2022, Toolmart provides a digital procurement platform that helps enterprises reduce costs and streamline sourcing. The new capital will be used to expand its team and operations across the region. Valu to begin trading on EGX in June Egypt's leading buy now, pay later platform Valu is set to begin trading on the Egyptian Exchange during the week of June 22, following an in-kind share distribution by parent company EFG Holding. Official listing occurred on May 21, 2025. Founded in 2017, Valu operates in Egypt and Saudi Arabia and reported 3.1 billion Egyptian pounds in gross revenue and 423 million Egyptian pounds in net profit for 2024. Bloomspoon gets $218k on Shark Tank Dubai UAE-based greentech startup Bloomspoon raised $218,000 for 49 percent equity on Shark Tank Dubai. Founded in 2023 by Mostafa Khattab, Bloomspoon makes reusable cutlery from wheat straw embedded with seeds that can be planted after use. The funding will help expand product lines, boost retail distribution, and work toward B Corp. certification. Google launches second 'AI First' accelerator Google has launched the second edition of its 'Google for Startups Accelerator: AI First' program for the MENA and Turkiye region. The 12-week program is aimed at Seed to series A startups using AI to develop scalable solutions. It offers technical resources including cloud credits and mentorship. MENA sees 31 percent increase in M&A deals in Q1, led by UAE and tech sector According to EY's MENA M&A Insights report, the region recorded 225 deals worth $46 billion in the first quarter of the year, a 31 percent year-on-year increase in volume and 66 percent rise in value. Cross-border activity accounted for over half of all agreements and 81 percent of total value. The UAE led with 63 deals totaling $20.3 billion. The technology sector dominated domestic M&A, accounting for 37 percent of deal value. The largest domestic transaction was Group 42's $2.2 billion acquisition of a 40 percent stake in Khazna Data Centers.
